BANGALORE, India, May 4, 2021 /PRNewswire/ --Insurance Analytics Market by Component (Solution and Service), Deployment Type (On-Premises and Cloud), Enterprise Size (Large Enterprises and Small & Medium Enterprises (SMEs)), Application (Claims Management, Risk Management, Customer Management, Sales & Marketing, and Others), End User (Insurance Companies, Government Agencies, and Third-party Administrators, Brokers & Consultancies). This report is published on Valuates Reports in the Software Utilities Category.
The global Insurance Analytics Market size was valued at USD 7.91 billion in 2019 and is projected to reach USD 22.45 billion by 2027, growing at a CAGR of 14.2% from 2020 to 2027.
The major factor driving the insurance analytics market are:
The surge in requirement & implementation of advanced technologies to identify new business insights/trends to unlock new value-added services to customers and reduce operational cost.
Insurance analytics optimizes customer relationship processes and uses predictive analytics in insurance models to create reliable reports across several product lines.
Risk assessment features of analytics are helping the insurers in predicting the cost of insurance associated with the coverage and reduce uncertainty in the business
TRENDS INFLUENCING THE INSURANCE ANALYTICS MARKET SIZE
Companies are being encouraged to update their current business model, streamline operations, and improve processes as the market becomes more competitive. This rise in competition in the insurance landscape is expected to increase the growth of the insurance analytics market. Insurance analytics is a collection of resources and software that can be used to process and analyze data in order to create information that can be used to make better decisions.
Companies are focused on optimizing customer service and providing solutions based on a deep understanding of customer behavior and needs. Thus the demand for providing an improved customer experience by providing value-added service is expected to drive the insurance analytics market. The insurers can revise and redevelop new strategies and products based on consumer behavioral data, potentially increasing market sales performance.
Analytics can also enable insurers to provide tools & solutions to distributors or agents to help them find new market opportunities and serve existing customers. These solutions also allow businesses to reduce total customer handling costs and time. This feature of analytics is expected to drive the growth of the insurance analytics market size.
Insurers all over the world are concerned about rising insurance costs. The analytics, on the other hand, aid insurers in risk management by estimating the cost of insurance associated with a given coverage. Furthermore, analytics help to reduce losses by identifying and preventing fraudulent activity.
The rising need for big data and predictive modeling capability during the COVID-19 pandemic drives the adoption of insurance analytics tools. The potential of predictive modeling in insurance software will aid in the more effective definition and delivery of rate increases and new products. Insurers can gain useful insights from predictive analytics and big data by predicting consumer behavior and supporting underwriting processes.
During the period 2020-2027, the service segment will expand at a CAGR of 15.5 percent. This is due to the fact that insurance analytics encompasses a broad spectrum of resources, including claims analytics, subrogation analytics, and fraud and consumer analytics.
The cloud segment is the fastest-growing segment in 2019 and is expected to retain its dominance over the forecast period. Cloud deployment is a subscription-based service that allows companies or entities to leverage the power of data analytics, accelerating the growth of the insurance analytics industry.
In terms of application, the risk management category dominated the insurance analytics market in 2019, and it is expected to continue to do so over the forecast period. This is due to the fact that insurance analytics solutions assist insurance providers in lowering premium recovery costs while still shielding consumers from a variety of risks. As a result of these factors, the growth of insurance analytics in the risk management segment is accelerating.
North America dominated the global insurance analytics market in 2019, and this pattern is expected to continue throughout the forecast period. The insurance analytics market in this area is growing due to increased knowledge of insurance analytics among insurance companies and technological advancements.
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